When you are considering creating a strategic account, look closely first at your customer. For the plan to work well for both you and the customer, you need to know that the customer will benefit as well as your company and that there can be a balanced and trusting relationship. The essence of success is that your customer is willing and able to enter into this special partner agreement. You will be asking the customer for more of their time, for more of their money and for more access to their company at higher levels and across different business units.
Strategic account planning experts say you should look first at your customer and be able to clearly answer the following two questions:
1. What’s in it for the customer?
In order for you to “sell” the enhanced working relationship to your customer company, you need to articulate the specific and meaningful value for them. What, in real terms, do they stand to gain? Beyond just a discount, the customer should be convinced that the partnership is in their best interests as well as yours…they need to see that there will be tangibly improved business results because of the new relationship.
2. Is the customer able to hang in for the long-term?
The benefit of strategic accounts (and the reason the good ones are worth your time and effort) is that they effectively guarantee business over the long- rather than the short-term. You need to be convinced that the customer can make and uphold long-term agreements. Otherwise, look elsewhere for a strategic partner.
If you’re satisfied that there is value in the deal for both you and the customer and that there is long-term potential for you both, then lay the basic groundwork for a viable and trusting relationship. Be sure that in your initial discussions there is strategic and cultural alignment. Be clear about how you see the partnership potential in terms of revenue growth and set up agreements to monitor performance and expectations on both sides. Accountability and transparency are key to maintaining a mutually beneficial relationship. If things should change and one or the other is not willing or able to meet expectations, have an agreed-upon schedule for scaling back.
Strategic accounts commonly are responsible for as much as 75% of a company’s revenues. They can make the difference between success and failure. But do it right. Take a good, long look at the customer and then set up your agreements to succeed over the long-term.
Learn more at: http://www.lsaglobal.com/strategic-account-planning-training/
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